AMCON set to go hard on debtors owing it N5.4 trillion
The Asset Management Corporation of Nigeria (AMCON) says it has been running badly for the last 12 years over lingering debts but it is set to recover such debts from debtors.
Mr. Ahmed Kuru, Managing Director of the Federal Government debt management outfit said AMCON has changed its strategy from sitting down and drinking tea and the obligors telling lies and it pretends that doesn’t know.
The company which hitherto employed staggered plans in recovering and managing some of its assets said resolutions through staggered plans have never worked.
“Part of the N5.4 trillion had been with the banks for five years before AMCON bought over the bad loans. Now, AMCON is almost seven years, so the facility has been running badly for 12 years. It is not easy to recover those kinds of facilities.
“There is no more time for lies because we have a sunset period. So, now our focus is on recovery. We do not want to hear anything; you cannot come and tell me you are going to pay me in the next six years, I do not have that time.
“If you cannot pay me the money now then give me my assets because the assets belong to AMCON so that we can sell it,” Ahmed Kuru said while speaking to reporters.